Norwegian oil field products, systems and services provider Aker Solutions has agreed to sell its mooring and loading systems business to Cargotec‘s MacGregor marine crane division for NOK1.4bn ($237m).

Known for the Pusnes brand name, the unit provides mooring equipment, loading and offloading systems – as well as deck machinery for the global offshore and shipping markets – and its sale will give Aker Solutions a gain of about NOK1bn ($169m).

Aker Solutions executive chairman Øyvind Eriksen said the company will use sale proceeds to develop its main business in the deepwater and subsea oil-services segments.

"While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company," Eriksen added.

The division, which has its main office in Arendal, Norway, generated revenue of NOK1.1bn ($186m) and earnings before interest, tax depreciation and amortisation (EBITDA) of NOK158m ($27m) in 2012.

According to Aker Solutions, the transaction, pending approval from competition authorities, is structured as a share sale and is set to be completed in the first quarter of 2014.

MacGregor president Eric Nielsen said the Pusnes brand maintains a good position in growing markets, with relationships across diverse customer groups.

"The unit’s flexible business model focuses on high-value activities and engineering competence with a dedicated management team. All this fits perfectly with MacGregor’s operating model and makes us an even stronger team than before," Nielsen added.

The transaction is expected to create better opportunities for MacGregor to further develop its activities.

Aker Solutions, which brings together engineering and technologies for oil and gas drilling, field development and production reported aggregated annual revenues of about NOK45bn ($7.6bn) in 2012.

Image: Aker’s mooring and loading systems. Photo courtesy of Aker Solutions.

Nri energy